Monday, January 18, 2010

Short Sale National Data

Some interesting short sale statistics from a site called Housing Predictor:
  • Less than one percent of the homes at risk for foreclosure are approved by banks for short sales.
  • Only 40,000 short sales were completed nationwide in the first half of 2009.
  • Only 8-12 percent of the homeowners who initiate a short sale actually succeed.
  • Major banks claim they have added staff to handle the increased volume of customer inquiries about short sales.
  • JP Morgan Chase says it has hired 5000 new employees to handle the flood of calls.
  • Bank of America, which services 14 million mortgages, says it has also invested in building capacity, but the bank is reportedly under fire for outsourcing much of the call center work to India. (I think this may be a spurious allegation -- I haven't ever been connected to an Indian call center during seven months of dealing with BofA).

No comments:

Post a Comment